Introduction to credit loans
In September 2008, the World Credit Organization [WCO] announced the "ICE8000 International Credit Standard System Credit Loan and Personal Credit Card Management Standards", which provides working standards for credit loan and personal credit card management. This standard can help banks prevent the risk of deliberate default. Banks may follow or refer to this service standard when handling credit loan business.
Credit loan is a loan based on the honesty and trustworthiness of the borrower. It does not require any economic guarantee or mortgage, and only needs the borrower to make a promise of repayment on schedule and responsibility for breach of trust.
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